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Biden White House unveils $6T proposed budget for upcoming fiscal year

President Joe Biden
Posted at 11:03 AM, May 28, 2021
and last updated 2021-05-28 16:13:05-04

WASHINGTON — President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class.

According to a White House press release, Biden's proposed budget includes an additional $20 billion for high-poverty schools, $6.5 billion for advanced research in health projects, $8.7 billion for the Centers for Disease Control and Prevention and $10.7 billion to HHS in the hopes of ending the opioid crisis.

Biden's budget proposal also takes into account his proposed infrastructure and investment package that's currently being considered by Congress.

However, Biden's generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control.

The budget features whopping deficit projections that would require the government to borrow roughly 50 cents of every dollar it spends this year and next.

With the government’s structural deficit remaining unchecked, Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programs like universal prekindergarten, large subsidies for child care and guaranteed paid leave.